Value Investing in my Circle of Competence, Hurdle Rate

Hurdle Rate

Value Investing in my Circle of Competence

The name “Hurdle rate” was inspired by none other than Mark Leonard of Constellation Software, and their prolific use of a fixed hurdle (discount) rate for their investments. Had you invested into Constellation Software at the time of their IPO as an Australian Investor you would of seen your investment multiply by >100x or (>35% CAGR), an enviable record (Updated March 2023).

Equity Bottom-Up

<ul><li>Wrkr is an Australian regulatory software business founded in 2009 which helps employers with the various compliance moments for their employees such as superstream contributions, Single touch payroll (STP), employee onboarding and so on.</li><li>It is a business which predominately offers its solutions through the larger corporates and APRA superannuation funds across millions of employees at a very low average ticket size.</li><li>It is one of just 9 gateway operators on the Superannuation Transaction Network (STN) and one of 9 ESA providers (only 5 including Wrkr can process rollovers and release) in the country.</li></ul>

Wrkr is an Australian regulatory software business founded in 2009 which helps employers with the various compliance moments for their employees such as superstream contributions, Single touch payroll (STP), employee onboarding and so on.It is a business which predominately offers its solutions through the larger corporates and APRA superannuation funds across millions of employees at a very low average ticket size.It is one of just 9 gateway operators on the Superannuation Transaction Network (STN) and one of 9 ESA providers (only 5 including Wrkr can process rollovers and release) in the country.

Australia

CPT Global Limited provides IT consulting and training services to businesses in Australia and the UK. The Group provides clients with IT solutions, which aim at enhancing the efficiency, control, stability, reliability and cost effectiveness of Unix and Windows NT platforms, and Internet-based applications. CPT also offers customers capacity planning, and performance tuning and testing services.

Appen Ltd is a language, search, and social technology company. The Company provides solutions to improve internalization of products, management of data, and project management for companies.

DigitalX Ltd operates as a software solutions company. The Company operates in the global digital payments systems industry through disruptive fintech solutions in the remittance and value chain sectors, and allows consumers to make secure and cost-effective money transfers worldwide..

Adacel Technologies Limited is a developer of complex, real-time automation, communications, and simulation software and systems. The Company's software is primarily utilized by air traffic controllers and satellite-based air traffic automation systems.

XREF Limited is a human resource technology company focused on candidate referencing. The Company utilizes a cloud-based system that automates the process for obtaining and checking candidates' references, helping compliance with privacy regulations, reducing fraud, and enabling employers to obtain detailed references anonymously and directly.

Adveritas Limited operates as a software company. The Company develops mitigation software which detects, mitigates, and reports on digital advertising fraud. Adveritas serves customers worldwide.

K2fly Limited operates a software-as-a-service business that is involved in the enterprise asset management sector. The Company offers an integrated software ecosystem for the management of physical assets in asset-intensive industries. K2fly serves customers worldwide.

PharmX Technologies Limited provides software solutions. The Company develops and markets health care solutions.

Urbanise.com Ltd is a cloud-based platform designed for delivering online services to buildings and their occupants.

Orcoda Limited provides logistics services. The Company offers fleet management, goods distribution, supply-chain, delivery, and other mobility solutions. Orcoda serves customers in Australia.

ManagePay Systems Bhd is an investment holding company.  The Company, through subsidiaries, provices payment services, terminal services, loyalty management services, business process outsourcing, and software, security, and ICT services.

Systems Design Co Ltd provides information system services for various industries including financial, manufacturing, sales, and university. The Company designs, develops, and maintains information system and delivers data entry, digital data creation, and data management services.

Techfirm Holdings Inc. designs, develops, integrates, markets, and supports wireless solutions for mobile communications applications.  The Company also develops server network and provides support.

FSBM Holdings Berhad distributes computers, computer related products, education related products and provides installation and maintenance services. Through its subsidiaries, the Group develops software applications and systems integration, provides data warehousing systems, and smart community solutions. FSBM also has operations in multimedia production and communication services.

DaiShin Information & Communications Co., Ltd. is a systems integration company and a finance-related software developer.  The Company's business includes frame relay service, development and sale of mid and large-sized printers.

ODK Solutions Company, Ltd. provides outsources information services mainly for school and financial companies.

Diversified Gateway Solutions BHD, through subsidiaries, offers computer hardware and software consulting services. The Company also provides telecommunication solutions.

K Way Information Corp. leases computer hardware and software.  The Company also provides information network services to clients in the brokerage, banking, and finance industries.

HIP CORPORATION provides personnel services by providing technicians for machinery. The Company also offers design and development of electricity and electronic instrument on contract basis.

KORNIC GLORY CO., Ltd develops and offers various solutions. The Company's products include server load balancing solution, firewall load balancing solution and quality of service solution.

WRKR LTD provides software solutions. The Company offers platform for employers to take care of compliance obligations such as onboarding and ongoing verification solutions, which saves money, time, and reduces risk. WRKR serves customers in Australia.

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WRKR (WRK AU)

Wrkr (ASX:WRK)

Wrkr is an Australian regulatory software business founded in 2009 which helps employers with the various compliance moments for their employees

Hurdle Rate

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